Net office market absorption at three-year high of 38 mn sq ft in 2022: JLL

Strong job creation, India's credentials as tech and innovation hub, firm corporate expansion plans, and a greater number of firms eyeing India for talent, were key growth drivers

The net absorption of office space in calendar year 2022 has surpassed the five-year pre-pandemic average (2015-2019) by 3.1 per cent, and is second only to the 2019 absorption number for the past 10 years, says a report by JLL.

India’s net office market absorption across the top-7 cities in 2022 was at a three-year high of 38.25 million sq ft. The top 7 cities were Mumbai, Delhi NCR, Bengaluru, Hyderabad, Chennai, Kolkata and Pune.

However, the report added that net absorption was down 19 per cent at 7.99 million sq ft on a quarter-on-quarter (QoQ) basis. During the fourth